MGM’s agreed bid for Wembley was trumped on Tuesday by a £287m bid from BLB Investors, a consortium made up of US real estate investment firm Starwood Capital, Kerzner International and US gaming and hospitality property developer Waterford.

Tulchan founder Andrew Grant and consultant Andrew Honnor have been advising BLB on the deal. Its financial adviser is JP Morgan. Wembley has retained College Hill since October last year while Citigroup is the bank handling MGM’s bid.

Earlier this week the Takeover Panel criticised MGM for saying that it might make an improved offer for Wembley without specifying figures. MGM subsequently confirmed that there was no certainty that it would increase its offer for Wembley.

Interest in Wembley centres on its US assets, including Rhode Island’s Lincoln Park dog racing complex, and the expected deregulation of the UK gaming market.